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About Me:

Monkey Mama

Just a 46-year-old mom of 2 in Northern California. My kids are Monkey Monkey(MM) and Drama Llama (DL). I am married to Monkey Hubby (MH).

We were a one-income family for 13 years. In late 2015 my spouse returned to work (minimum wage/part-time/seasonal). Something recent on his resume just buys us more options for the long run. The main benefit of this job is that he just works while the kids are in school. As always, we are saving 100% of his income.

{2023 Update: I expect that MH will retire from this job when kids are done with college and/or home is paid off. I think he likes the idea of finding more interesting or full-time work, with kids both adults now. But practically, might just stick out the *good* and very flexible job as long as possible. The very part-time job is allowing him to pursue his film passions. We are only about 5-ish years away from financial independence. Would be very different if we "needed" the money or he thought he might have decades of working years ahead of him.}

We saved a lot while we were very young and also moved to a lower cost-of-living area, to make life much simpler. We still live in California though (in one of the most expensive regions of the U.S.). *Simple* and *inexpensive* is relative.

Likewise, we have never had debt aside from our mortgage.** My blog is a testament to how much simpler life is without debt; how we have that much more money to both save and enjoy!

**Caveat: I have no problem whatsoever with credit cards paid off monthly, or low-risk credit arbitrage (for example, 0%-interest debt while earning 5% on FDIC-insured cash). These are the kinds of debt we have had. Just not interested in high-interest debt, using debt to buy beyond means, and not interested in the hassle that comes with loans and payments. With age and means, the latter (hassle) is our biggest debt avoidance motivation.

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2024 Goals

[ ]Small monthly Charitable Contribution
...($35 @ 1/31/24)
...Trying to be more mindful about how the little amounts add up and are helpful.
...This is not an all inclusive list of charitable giving but it is a new habit I want to add in addition to other donations of time, goods and money

[ ]Pay cash for college
...This is so much a given, to me. But I realize not everyone can read my mind, and so will memorialize in my goal list.
...#1 We don't do Debt
...#2 The student loan system is a scammy and corrupt mess.
...Seriously, wouldn't touch these student loan servicers with a ten foot pole.
MM YEAR 1 ✔
MM YEAR 2 ✔
MM YEAR 3 ✔
MM YEAR 4

DL YEAR 1 ✔
DL YEAR 2

[ ]$10,000 to savings
...($4,529 @ 3/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($1,750 @ 4/30/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 4/30/24)
...Topping off with snowballs and/or excess cash
...Keeps us on track with $10K principal paydown per year

[/]9% of household income to work retirement plans
...(9% @ 3/31/24)
...This is the minimum for the match; I'd otherwise rather fund IRAs.
...Note: Total retirement savings rate is 20% (with IRAs)

Goal savings rate = 25% of gross salary, plus funding IRAs from other sources.

[ ]$14,000 to IRAs 2024 (MAX)
...($0 @ 4/30/24)
...Will fund with MH's income
...Will not fund until the year is over. This is for tax and planning reasons. I won't know what mix of Traditional/ROTH IRA we literally can contribute until we do our 2024 taxes. In addition to that, can make a more informed decision based on our financial and tax situation for the entire year.

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**Long-Term Goals**

[X]$500,000 in retirement accounts by age 45.

Current big picture goal:

[ ]$1 Mil in retirement accounts by age 52.

Stretch Goal: Achieve by age 50

Have decided to pretty much stay the course. Keep saving 20%+ to retirement. This means taking 401K match & maxing out IRAs.

NOTE: WE HAVE NEVER CONTRIBUTED LESS THAN 10% TO RETIREMENT. NO EXCEPTIONS.

If we can't achieve at least 10%, then something else has to give. I share because it's infinitely easier to save for retirement if you start early. Let the investments do the hard work for you.

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Debt: $85,000 mortgage
{Home Purchase Price $290,000}

Ongoing goal is to *never borrow money again.*

Took on a $230k mortgage in 2001 and have not added to that.

-------------------------

Net Worth: Increase net worth by $600,000 in the next 10 years. This is my "financial independence" goal.

2017: +$ 70,000 (partial year)
2018: +$ 51,000
2019: +$105,000
2020: +$104,000
2021: +$215,000
2022: <$ 65,000>
2022: +$ 85,000
TOTAL: +$565,000

This is in line with prior goal, saving 100% of our expenses every year.

{Our expenses are far more consistent than our income. Also, helps to prevent "living up to income."}

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My Pages

A miracle has Occured in this House

October 9th, 2006 at 02:29 pm

No more HBO!!!! Hallelujah!! LOL.

I don not know how many times I have broached the subject that we don't need HBO, heck cable since we are not saving much money, etc. Dh has always staunchly been opposed.

This morning I woke up and he had been up all night slashing the budget. I Was really scared to look but the only thing we really fought about was the christmas budget. & after arguing it out there is only 1 thing we disagree on.

I almost fell over when he told me he is cancelling HBO.

Honestly, I know we have communication issues. We try to write down stuff because we always have the "you neevr told me" fight about our plans every week, and so in the end I Said if it is not on the calendar you didn't tell me. Since we wrote it all down, no more fighting. Seems the same with the way of the budget.

I was pleased he did not cross out the gardener either. If he crosses it out he can do the work - I just refuse at this point. Just glad something I thought we would fight over. I can give up anything but that. & of course he hasn't goven up cable but from $60 to $40 whatever - it's a step. He was pretty on par with what I came up with but besides the HBO we lowered eating out to $30 - mostly for my social life, and miscellaneous from $250 to $170.

Overall I know I am relinquishing some control, which is hard for my control freak side, but it feels so good to truly have him on board and understand where I have been coming from so long. This is why I nitpick when he buys things, I am not sure why me telling himw e didn't have the money got through his head and this does, but oh well.

HE applied at Best Buy and Target - just for the rest of the year. We might actually save a lot this year. Yay!

Digging deeper and getting some time to talk, well he is all freaked out because he thinks we have been saving money all these last few years. I have NO IDEA where he got that impression - you are right - he is on another planet - LOL. Um the fact that are savings has dwindled down to 5k is a BIG hint we are not saving money darling. & he is well aware where our finances stand. Men!! Anyway, I made clear since he has not been working we have saved just about zilch. We haven't really gone in the red with the exception of a car we just purchased - which basically brought our savings to 0. But we certainly haven't saved a dime. Get real.

Today even with the quibbles I see in the future about little purchases, and the fact my husband is acting like a parent to me somewhat today, I Feel like a huge load has been lifted from my shoulders. Aaaaaahhhhh...

Edited: Oh yeah - I knew it was TOO good to be true - LOL. HE mentioned as I walked out the door this morning that he checked the listings and none of his shows are on until March - *rolleyes* I guess we will fight over it in march. At that point if he wants HBO I say it will come out of his allowance. Oh well, at least 6 months of no HBO - $120 saved. I am pleased that we will not pay for it while we are not using it at least - well duh.

Posted in Budgeting & Goals | 5 Comments »

5 Responses to “A miracle has Occured in this House”

pjmama Says:
October 9th, 2006 at 03:03 pm 1160406212
1160406212

Congrats!! I'm lucky that my BF sides with me on the idea of no cable... but for some that's a struggle! We dont even have cable... I just check out movies from the library all the time and we watch those. Never gets old!
monkeymama Says:
October 9th, 2006 at 03:41 pm 1160408509
1160408509

I am not a t.v./movie person so I could do well without. I could live without t.v. in a heartbeat - sometimes I wish we didn't have the dang thing. Unfortunately HBO is for shows and we have Blockbuster Online for movies. Which we discussed recently and he is unwilling to give up as well. But whatever - it's his one luxury. It's not that big a deal, the HBO bugs me thought because it so rarely used!!
PRICEPLUS Says:
October 9th, 2006 at 05:56 pm 1160416610
1160416610

The main thing is to communicate honestly. The writing on the calender is something my wife has asked meto do. We had fights in the past about attending events or double booking our social life.

HBO has some nice programs but that is a personal choice. I hope you guys resolve it. Good Luck!
Anonymous Says:
October 9th, 2006 at 07:07 pm 1160420820
1160420820

Hey, the HBO thing is settled til March. Worry about what happens with it then.

And WTG. Sounds like you both have made some postive, if a bit painful strides!
Broken Arrow Says:
October 9th, 2006 at 07:29 pm 1160422158
1160422158

Haha, what a funny entry.

Yes, I don't know why some men think that way either... though I don't think that's a gender issue, but I'm sure you weren't originally implying it as such. Yeah, I've got friends... in fact, ALL OF THEM! *gasp* don't really know how to manage money! Hmm... Nope... none of them do. Don't know why.

Well, anyway, I'm glad that you guys have it worked out. Heheh.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

A miracle has Occured in this House

5 Responses to “A miracle has Occured in this House”

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